D&D Pharmatech Invests KRW 10 Billion in U.S. Affiliate G-Alpha, Directly Acquires New Shares
Co-investment with existing major shareholders, including OrbiMed and Tybourne Capital
Global pharmaceutical company also joins as strategic investor
Advancing development of astatine-211-based treatments
D&D Pharmatech announced that its board of directors decided on the 12th to acquire 4,299,965 newly issued shares in its U.S. affiliate G-Alpha Holdings for approximately KRW 10 billion.
G-Alpha is a U.S. biotech company developing next-generation targeted alpha radiopharmaceuticals. In 2022, D&D Pharmatech established G-Alpha by contributing in kind a pipeline of alpha radiopharmaceuticals held by its U.S. subsidiary Neuraly. Following additional share swaps, D&D Pharmatech has secured its position as the third-largest shareholder, and CEO Lee Seulgi serves on G-Alpha's board.
G-Alpha is developing treatments based on the alpha-emitting radioisotope astatine-211 (211At) to target solid tumors. Astatine-211 has characteristics that distinguish it from existing radiopharmaceuticals in both its production method and radioactive decay pathway.
Existing major shareholders, including D&D Pharmatech, its largest shareholder OrbiMed, and Tybourne Capital, participated in this investment. A global pharmaceutical company also joined as a strategic investor. G-Alpha plans to use the funds raised to develop multiple astatine-211-based drug candidates, with the goal of entering clinical trials in 2027.
"Through its proprietary platform, G-Alpha has secured multiple astatine-211-based drug candidates with the potential to become best-in-class treatments in their respective categories," said Lee Seulgi, CEO of D&D Pharmatech. "The participation of a global pharmaceutical company in the investment is recognition of the potential of astatine-211 treatments and G-Alpha's competitiveness."
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Lee added, "Although our existing stake is held by our U.S. subsidiary, D&D Pharmatech participated directly in this investment to maximize the expected benefits. We will strengthen our collaboration with G-Alpha to increase the likelihood of success for the products under development and ensure that the resulting achievements translate into corporate value."
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